DOF ASA Q2 2008 Presentation - 1
DOF ASA - Pareto Oil & Offshore Conference 2008
CEO Mons Aase
DISCLAIMER This presentation by DOF ASA designed to provide a high - - PowerPoint PPT Presentation
DOF ASA - Pareto Oil & Offshore Conference 2008 DOF ASA Q2 2008 Presentation - 1 CEO Mons Aase DISCLAIMER This presentation by DOF ASA designed to provide a high level ov erview of aspects of the operations of the DOF ASA Group. The
DOF ASA Q2 2008 Presentation - 1
CEO Mons Aase
DOF ASA Q2 2008 Presentation - 2
This presentation by DOF ASA designed to provide a high level overview of aspects of the operations of the DOF ASA Group. The material set out in the presentation is current as at 25 August, 2008. This presentation contains forward-looking statements relating to operations of the DOF ASA Group that are based on management s own current expectations, estimates and projections about matters relevant to DOF ASA s future financial performance. Words such as likely , aims , looking forward , potential , anticipates , expects , predicts , plans , targets , believes and estimates and similar expressions are intended to identify forward-looking statements. References in the presentation to assumptions, estimates and outcomes and forward-looking statements about assumptions, estimates and outcomes, which are based on internal business data and external sources, are uncertain given the nature of the industry, business risks, and other factors. Also, they may be affected by internal and external factors that may have a material effect on future business performance and results. No assurance or guarantee is, or should be taken to be, given in relation to the future business performance or results of the DOF ASA Group or the likelihood that the assumptions, estimates or outcomes will be achieved. While management has taken every effort to ensure the accuracy of the material in the presentation, the presentation is provided for information only. DOF ASA , its officers and management exclude and disclaim any liability in respect of anything done in reliance on the presentation. All forward-looking statements made in this presentation are based on information presently available to management and DOF ASA assumes no obligation to update any forward looking- statements. Nothing in this presentation constitutes investment advice and this presentation shall not constitute an offer to sell or the solicitation of any offer to buy any securities or otherwise engage in any investment activity. You should make your own enquiries and take your own advice (including financial and legal advice) before making an investment in the company's shares or in making a decision to hold or sell your shares.
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Modern fleet 17 AHTS s 25 PSV s 1 CSV 4 state of the art installation AHTS vessels
DOF Supply 100% DOF Supply DOF Supply 100% 100%
Modern fleet & Equipment 23 CSV/ROV vessels 35 ROV s + 1 AUV Leading Subsea Contractor
DOF ASA DOF ASA DOF ASA DOF Subsea ASA 57.5% DOF Subsea ASA DOF Subsea ASA 57.5% 57.5% DOF Installer 50.5% DOF Installer DOF Installer 50.5% 50.5%
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PSV AHTS ROV/OCSV/DSV/ Total fleet
SEISMIC VESSELS
DOF ASA
20 4 1 25
NORSKAN OFFSHORE
4 7 11
DOF SUBSEA ASA
23 23
DOF INSTALLER ASA
4 4
AKER DOF SUPPLY
1 6 7
Total fleet
25 21 24 70
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GEOGRAPHICAL FOCUS AREAS
Perth Rio de Janeiro Buenos Aires Singapore Houston
Aberdeen Bergen Cairo Brunei Macae Jakarta Manila Angola
DOF ASA Q2 2008 Presentation - 10 NAME TYPE CHARTER PERIOD OWNER DELIVERY 2008 2009 2010
SKANDI TBN 1 PSV Statoil 5 years DOF AUG 08 SKANDI TBN 2 PSV/ROV DOFSubsea 5 years DOF APR 09 SKANDI TBN 3 PSV/ROV Spot
AUG 09 SKANDI TBN (COCHIN) PSV/RSV Total UK 5 years DOF MAY 10 SKANDI TBN (Tebma) MPSV DOF MAY 10 SKANDI TBN (Aker LNG) PSV 06 StatoilHydro 5 years DOF Dec 10 SKANDI TBN (Aker AH05) AHTS DOF/Norskan end 10 SKANDI TBN (Aker AH12) AHTS DOF/Norskan medio 11 SKANDI TBN (Aker AH12) AHTS DOF/Norskan end 11
DOF Supply
FIRM CONTRACTS UNDER CONSTRUCTION OPTIONAL PERIOD
DOF ASA Q2 2008 Presentation - 11 NAME TYPE CHARTER PERIOD OWNER DELIVERY 2008 2009 2010
SKANDI SALVADOR ROV/SURVEY Chevron Brazil 3 years GEO Brazil NOV 08 SKANDI SEVEN CONST Subsea7 5 years DOFCON SEP 08 SKANDI TBN 4 CONST Technip 5 years DOFCON Brazil JUN 09 SKANDI TBN 6 CONST Spot
JAN 10 SKANDI TBN 7 CONST Aker Oilfield 5 years DOFCON AUG 09 SKANDI TBN 8 CONST Aker Oilfield 5 years DOFCON MAY 09 SKANDI TBN 5 DSV Technip 8 years DOFCON/TECHNIP JUL 09 SKANDI SINGAPORE DSV Spot
JAN 10
DOF Subsea
FIRM CONTRACTS UNDER CONSTRUCTION OPTIONAL PERIOD
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NAME TYPE CHARTER PERIOD OWNER DELIVERY 2008 2009 2010 2011 2012
SKANDI TBN VIETNAM
AHTS
Aker DOF Supply
2010
SKANDI TBN VIETNAM
AHTS
Aker DOF Supply
2010
SKANDI TBN VIETNAM
AHTS
Aker DOF Supply
2011
SKANDI TBN VIETNAM
AHTS
Aker DOF Supply
2011
SKANDI TBN VIETNAM
AHTS
Aker DOF Supply
2012
SKANDI TBN VIETNAM
AHTS
Aker DOF Supply
2012
SKANDI TBN (COCHIN)
PSV/RSV
Aker DOF Supply
2010
Aker DOF Supply
NAME TYPE CHARTER PERIOD OWNER DELIVERY 2008 2009 2010 2011 2012 SKANDI Vega
AHTS StatoilHydro 5 years DOF Installer DEC 2009
SKANDI TBN
AHTS DOF Installer 2010
SKANDI TBN
AHTS DOF Installer 2010
SKANDI TBN
AHTS DOF Installer 2011
DOF Installer
FIRM CONTRACTS UNDER CONSTRUCTION OPTIONAL PERIOD
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Type: Aker AH 12 Main particulars Length overall:
Length btw. p.p.
Breadth moulded: approx 24.0 m Bollard pull:
Yard: Aker Promar Delivery date 1st vessel: mid 2011 Delivery date 2nd vessel: end 2011 Options for 2 more for delivery in 2012
EPC contract Specifications
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Type: Aker AH 05 Main particulars Length overall
Breadth mld
Bollard pull
Yard: Aker Promar Delivery date 1st vessel: end 2010
EPC contract Specifications
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15-18,000 BHP 18-20,000 BHP >20,000 BHP DOF ASA 2 1 1
Skandi Møgster Skandi Giant Skandi Admiral Skandi Stord
Norskan AS 2 3 2 (+2 opt.)
Norskan Copacabana Skandi Rio AH12 AH 05 Skandi Fluminence AH12 Norskan Botafogo AH12 (option) AH12 (option)
Aker DOF Supply AS 6 DOF Installer 4 10 4 7+2 Total AHTS : 21 + 2
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Type: Aker AH 04 CD Overall length / breadth: Approx 108m x 24m Deck-area: 1,000 m2 + moonpool + ROV hangar Winch: 500 tons (main winch) + 170 tons Offshore crane: 250 tons* Installed power: 36,000 BHP (hybrid) Bollard pull: >350 tons Accommodation: 90 people Yard: Aker Aukra Delivery date 1st vessel: December 2009 Delivery date 2nd vessel: May 2010 Delivery date 3rd vessel: Oct 2010 Delivery date 4th vessel: May 2011 Favourable prices compared to market Increasing demand
EPC contract Specifications
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Type: AHTS Overall length / breadth: Approx 75m x 17,4m Deadweight: 3, 000 tons Winch: 350 tons (main winch) Installed power: 16,000 BHP Bollard pull: >180 tons Speed: Max 14.5 knots Class: DnV +1A1, SF, E0, TUG, dk(+), HL (2.8), DYNPOS AUTR, T-MON, Clean Design Yard: Vong Tau Vietnam Delivery date 1st vessel: 2010 Delivery date 2nd vessel: 2010 Delivery date 3rd vessel: 2011 Delivery date 4th vessel: 2011 Delivery date 5th vessel: 2012 Delivery date 6th vessel: 2012 All-in cost per vessel: approx NOK 300 mill Option for six vessels to be declared end of 2008
Contract Specifications
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OPTIONAL PERIOD
PSV Area of Ops. Built Charterer
J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D
1 Norskan Flamengo Brazil 2003 Petrobras 2 Norskan Leblon Brazil 2005 Petrobras/Shell 3 Skandi Yare Brazil 2001 Petrobras Until 2016 4 Skandi Hav Brazil 1983 Petrobras Until 2015 AHTS 5 Norskan Copacabana Brazil 2005 Petrobras 6 Norskan Botafogo Brazil 2006 Petrobras 7 Skandi Rio Brazil 2007 Petrobras 8 Skandi Fluminence Brazil 2007 Petrobras 9 Skandi Giant Brazil 2003 British Gas 10 Skandi TBN (AH05) Brazil 2011 11 Skandi TBN (AH05) Brazil 2011 12 Skandi TBN (AH05) Brazil 2011 CSV 13 Skandi Salvador Brazil 2008 Chevron 14 PRO-23 Brazil 2009 Petrobras 15 PRO-24 Brazil 2009 16 Skandi Subsea Supporter Brazil 2010 Petrobras 2012 2008 2009 2010 2011
FIRM CONTRACTS UNDER CONSTRUCTION SPOT MARKET
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ALL FIGURES IN NOK THOUSANDS
Q 2 2008 Q 2 2007 30.06.2008 30.06.2007 Operating income 1 078 120 977 347 1 991 713 1 652 657 Total operating income 1 078 120 977 347 1 991 713 1 652 657 Operating expenses vessels 682 152 621 668 1 279 713 1 084 975 Bare-boat hire vessel 3 180 3 840 6 513 7 631 Total operating expenses 685 332 625 508 1 286 226 1 092 606 Operating profit before depreciation 392 788 351 839 705 487 560 051 Depreciation 111 462 120 174 222 426 233 729 Operating profit 281 326 231 665 483 061 326 322 Net profit from associated companies 119 511 673 137 365 41 929 Financial items
Unrealized profit/loss on currencies
73 946 36 089 136 973 Net financial costs 54 905 5 454
35 846 Pre-tax profit 336 231 237 119 473 791 362 168 Taxes 6 044
Result 342 275 201 322 405 970 322 901 Minority Interest
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ALL FIGURES IN NOK THOUSANDS
DOF Supply DOF SUBSEA ASA TOTAL Revenue 433 988 1 078 120 Total Revenue 433 988 1 078 120 Operational costs 217 221 685 332
217 221 685 332 EBITDA 216 767 392 788 Depreciations 51 055 111 462 EBIT 165 712 281 326 Result from ass comp. 120 261 119 511 Net financial income 50 169 78 823 Net financial costs
Unrealized loss/profit from currency
Net financial items 84 703 54 905 Proft before taxes 250 416 336 231 Taxes 15 125 6 044 Net Profit 265 541 342 275
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ALL FIGURES IN NOK THOUSANDS
30.06.2008 31.12.2007 (NOK 1.000) Intangible assets 521 494 538 305 Fixed assets 11 407 201 11 880 609 Financial assets 487 863 1 410 298 Receivables 1 232 286 1 052 546 Vessel held for sale 173 000 Bank balance 1 341 732 1 859 974 Total assets 15 163 576 16 741 731 Subscribed equity 619 989 619 989 Retained earnings 2 567 942 2 448 410 Minority Interest 1 477 194 1 486 387 Provisions for commitment 542 965 635 838 Other long-term liabilities 8 187 181 9 927 458 Current liabilities 1 768 305 1 623 650 Total liabilities and equity 15 163 576 16 741 731
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Q2 2008 Q2 2007 Profit per share 4,14 2,43 Profit per share ex. minority interest 3,74 1,48 Cash flow per share 6,03 3,42 Ebitda margin 36 % 36 % Ebit margin 26 % 24 % Return on net capital 7 % 4 % Equity ratio 31 % 35 % Booked value per share 56 55 NAV value per share 88 82 Net interest-bearing debt 7 805 872 5 731 750 Net debt (ex capital unemployed) 5 718 632 3 692 019
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